Money laundering presents a serious threat to national security, the nation’s economic prosperity and a country’s international reputation. An agency that spends every day fighting financial crime is the National Crime Agency. Here are some ways they act to prevent money laundering having a negative impact on the UK:
- To make the UK economy as hostile as possible to criminals who intend to launder money, the NCA targets those involved in the crime, disrupting their networks and methods and working to secure prosecutions and convictions.
- When crimes have been committed, the NCA confiscates assets and recovers proceeds of crime to prevent these funds staying in the hands of criminals.
- Working with law enforcement professionals to train them in financial investigations.
- Creating an environment that makes it too difficult to commit money laundering or fraud in the UK’s financial system. Find out about AML IDENTITY VERIFICATION by going to W2, a provider of AML IDENTITY VERIFICATION
Now that finance is increasingly global, transactions and money can move so fast between services and national borders. Therefore, working to prevent financial crime requires collaboration and cooperation with global partners. The support and engagement of private sector companies is also essential in this fight and this includes major financial businesses in the UK system who need to work alongside crime agencies.
With collaborative working, more people receive training and education on how to recognise fraud and laundering attempts. This also helps to develop fresh ways to spot and identify offenders, apprehend them and to recover and confiscate funds to break down the networks and routes of criminals.